By: Renewables now

French independent renewable power producer Qair has agreed on USD 5.7 million (EUR 4.87m) in debt financing to advance a 5.8-MWp floating solar project in Seychelles.
Qair gets USD 5.7m in debt to fund floating solar site in Seychelles
Location of the Seysun Lagoon floating solar project in the Seychelles. Image source: Qair (www.qair.energy).
The senior debt package is provided under the Facility for Energy Inclusion (FEI) managed by investment bank and asset manager Cygnum Capital.

The Seysun Lagoon Floating PV project is located in the Providence Lagoon on Mahe Island. It is being realised in partnership with local company Vetiver Tech.

Secured through a government tender, the station has a 25-year power purchase agreement (PPA) in place with the Public Utilities Corporation.

“This investment underscores FEI’s commitment to supporting innovative clean energy solutions across Africa’s island nations. As the first IPP utility-scale project in Seychelles and one of the largest floating solar PV projects in Africa, it represents a significant milestone for the region,” said Carmen de Castro, managing director and fund lead at Cygnum Capital.

Qair operates 65 MW of installed capacity in Africa, with a pipeline of more than 2 GW spanning solar, wind, and hybrid technologies. The company has been present on the continent for over 15 years.